As a seasoned analyst with over two decades of experience in the tech and finance sectors, I find this shift by Boyaa Interactive to be a strategic move that underscores their forward-thinking approach. With my roots deeply entrenched in the Asian market, I’ve witnessed firsthand the rapid growth and transformation of the digital economy here.
In a significant shift, the Asian gaming titan, Boyaa Interactive, now boasts the most substantial Bitcoin holdings among corporations in the region, surpassing Japan’s Metaplanet in this area.
As a researcher, I’ve recently observed that Boyaa Interactive, a Hong Kong-listed company, transformed its Ethereum (ETH) holdings worth around $49.48 million into Bitcoin (BTC), as disclosed on November 29th. The ETH to BTC conversion took place between the 19th and 28th of November in the year 2024, resulting in approximately 14,200 ETH being converted into roughly 515 BTC. This information was shared by Boyaa Interactive itself.
Based on the report, an exchange of approximately $49.48 million in Ether for Bitcoin took place openly in the general market.
Boyaa Interactive purchased 14,200 Ethereum for a total of $39.45 million, which equates to about $2,777 per Ether token. This transaction has boosted the company’s Bitcoin holdings to approximately 3,183 Bitcoins, with each Bitcoin being bought at an average price of around $57,754.
Through this action, Boyaa Interactive now exceeds Metaplanet as the largest Bitcoin holder among Asian corporations. Previously, Metaplanet, a Japanese investment firm, possessed 1,018 Bitcoins, valued at approximately $67 million. However, Boyaa’s current Bitcoin holdings are worth over $312 million.
In November 2023, Boyaa initiated its strategy for managing a crypto treasury, announcing intentions to invest up to $100 million in Bitcoin (BTC), Ethereum (ETH) and other digital currencies. Simultaneously, Metaplanet has been making headlines as a major purchaser of Bitcoin, earning the nickname “Asia’s MicroStrategy” due to its aggressive buying approach.
On Nov. 29, Metaplanet announced plans to raise $62 million to buy more Bitcoin.
Over the last few months, various companies have been considering MicroStrategy’s approach by incorporating a Bitcoin investment plan. This includes businesses like Thumzup and Rumble, and it seems this trend is growing faster as Bitcoin’s value hovers around $100,000.
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2024-11-29 20:36